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Sunday, March 12, 2017

State Bank of India (SBI) on Saturday March 11,2017 said it has incorporated SBI Infra Management Solutions Pvt. Ltd. (SBIIMS Pvt. Ltd.) as a wholly owned subsidiary to manage premises and estate related matters of the bank.

The primary role of the new entity will be to handle transaction management / advisory services, project management, facility management and implementation of policies & initiatives, India's largest bank said in a statement.

The decision to incorporate a separate entity is to save time of banks’ executives who were involved in managing this non-core business so that these executives can instead focus on core Banking Services.

Arundhati Bhattacharya, Chairman, SBI said, “SBI is having valuable properties under its possession since the days of Bank of Bengal. We realized that the job of acquisition, construction and maintenance of owned and leased premises, which is a non-core activity, were being looked after by 1100 officials of the Bank including 200 technical officials.

"Hence, it made sense to create separate entity employing much lesser number of employees nearing about 400 who will handle premises & estate related officials more effectively and efficiently.”

SBIIMS Pvt. Ltd. will have its circle office in each local head office centre of SBI and about 100 zonal offices at administrative office centers of SBI on pan India basis.

Initially this subsidiary will look after work related to premises and estate of SBI group only